People keep asking me how the real estate market is and for some time now, I could answer “slow.” Now, I can honestly answer that a change is on the horizon.
I’ve noticed that houses are moving, more buyers are out there looking with their buyer agents and even more are contacting me to find out how to get qualified.
Months ago, when I would call to schedule a viewing of a home, every one of them was available and my buyers had weeks or months to compare and then go back to see many of the homes for a second or third time. That is not the case now. Over the past few weeks, I’ve noticed when I call to schedule homes to view, many are now pending a sale and when I do get in, by the time my buyer takes time to compare other homes and then wants to go back to see one of their favorites for a second time, the home is pending a sale. That is great news because it means that the real estate market is slowly bouncing back.
It also means that consumers who can purchase a home are out there living the American dream. It means that people who can purchase a home are. And people who shouldn’t be purchasing or simply are not in the position to purchase, are not. It’s back to basics. Consumers need to have great credit, a stable job and money saved for closing costs and a down payment. Gone are the days of 100% financing for those with absolutely no money who probably shouldn’t have been allowed to purchase a home in the first place.
First-time home buyers are out there in droves taking advantage of the First-Time Home Buyer $8000 Tax Credit as well as seller assist for their closing costs and back to normal home prices. Plenty of inventory is still available.
This is a bright spot in what has been a very gloomy new year.
Renee Porsia is a Realtor in Philadelphia. Visit her website to learn more.